Author Archives: grim

$14.13

Posted on December 14, 2022 by grim

From the Daily Princetonian: New Jersey’s minimum wage to increase to $14.13/hour As of Jan. 1, the statewide minimum wage in New Jersey will increase to $14.13 per hour, according to the New Jersey Department of Labor & Workforce Development. This change … Continue reading →

Posted in Economics, Employment, New Jersey Real Estate | 87 Comments

Pretty sure this means no recession…

Posted on December 13, 2022 by grim

From Motley Fool: 98% of CEOs Expect a Recession in 12-18 Months Uncertainty has been one of the few consistent themes of recent years. It’s not surprising given that we’re still navigating the aftermath of what was an unprecedented pandemic. … Continue reading →

Posted in Demographics, Economics, Employment, National Real Estate | 97 Comments

At least you can enjoy the weather

Posted on December 12, 2022 by grim

On behalf of the snow, from the LA Times: As home prices decline, Southern Californians who bought at the peak are nervous  Surging mortgage interest rates threatened to squash Michael and Christine Hawkins’ dream of home ownership. But this fall … Continue reading →

Posted in Housing Bubble, National Real Estate | 100 Comments

More inventory? Nah.

Posted on December 11, 2022 by grim

From Fox Business: Housing turnover will drop to lowest rate since the 80s, economist projects Home sale activity next year may reach the lowest point since the early 1980s as households buying or selling real estate retreat from the market, predicts Redfin … Continue reading →

Posted in Housing Bubble, National Real Estate | 16 Comments

Why not assumable loans?

Posted on December 9, 2022 by grim

From MarketWatch: How people bought homes in the 1980s when mortgage rates were 18% For all the similarities between the 1980s and today, there are key differences. One of them involves “assumable mortgages,” which were plentiful then and are in … Continue reading →

Posted in Economics, Mortgages, National Real Estate, Risky Lending | 166 Comments

Too damn high

Posted on December 8, 2022 by grim

From Bloomberg: Manhattan renters face sticker shock with average rent at $5,200 Manhattan rents rose 2% in November, dashing hopes that prices would cool and forcing many renters to give up their leases or downsize, according to brokers. The median … Continue reading →

Posted in New Jersey Real Estate, NYC | 22 Comments

The new inflation baseline

Posted on December 6, 2022 by grim

From the WSJ: Must Inflation Be Brought Down All the Way to 2%? “Why must inflation be around 2%?” is a question that obsessed central bankers back when inflation was stubbornly below their favorite target. It makes more sense to … Continue reading →

Posted in Economics, Employment, Mortgages, Politics | 135 Comments

Kaboom?

Posted on December 4, 2022 by grim

From the NY Post: Here’s how much US home prices will plunge in current market bubble US home prices will likely have to decline by as much as 20% over the course of a multi-year correction before the housing sector … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 71 Comments

Jobs Day!

Posted on December 2, 2022 by grim

From CNN: What to expect from Friday’s jobs report Friday’s closely watched jobs report is expected to show a slowdown in November, with just 200,000 positions added, according to economists polled by Refinitiv.  But while the recent wave of layoffs … Continue reading →

Posted in Economics, Employment | 88 Comments

Year over year home prices slow

Posted on November 30, 2022 by grim

From CNBC: U.S. single-family home prices slow again in September U.S. single-family home prices slowed further in September as higher mortgage rates eroded demand, closely watched surveys showed on Tuesday. The S&P CoreLogic Case Shiller national home price index dropped … Continue reading →

Posted in Economics, National Real Estate | 179 Comments

NJ & PA economies looking strong

Posted on November 29, 2022 by grim

From the Philly Fed: State Coincident Indexes – October 2022 The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for October 2022. Over the past three months, the indexes increased in 36 states, decreased … Continue reading →

Posted in Economics, Employment | 76 Comments

Jersey City loses their minds

Posted on November 28, 2022 by grim

From the Jersey Journal: Jersey City considers barring property owners from selling homes until they replace lead water lines As the Jersey City Municipality Utility Authority works on removing all lead pipes by 2031, the city council could bar property owners from … Continue reading →

Posted in Gold Coast, New Jersey Real Estate | 62 Comments

Recession 2023

Posted on November 25, 2022 by grim

From Reuters: Factbox: World’s biggest banks see global economy slowing more in 2023, with likely U.S. recession

Posted in Economics | 47 Comments

Kids these days…

Posted on November 23, 2022 by grim

From Business Insider: Gen Z’s finances are already tanking, and we’re not even in a recession yet Young Americans are still spending as the holiday shopping season ramps up, but they’re running out of money. With a recessionpotentially looming next year, it arguably couldn’t … Continue reading →

Posted in Demographics, Economics | 80 Comments

October housing market hit a wall

Posted on November 22, 2022 by grim

From Mansion Global: October Was a Spooky Month for the U.S. Housing Market Would-be buyers are turning their backs on the turbulent U.S. housing market in droves, according to new data released from Redfin on Monday.  The number of pending … Continue reading →

Posted in Demographics, Economics, Mortgages, National Real Estate | 66 Comments